Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Accuray (NASDAQ:ARAY), a designer of medical radiation systems for the treatment of cancer, jumped as much as 14% after reporting its fourth-quarter earnings results.

So what: For the quarter, Accuray reported a 15.5% increase in sales to $84.9 million as its loss narrowed to slightly to an adjusted $0.20 per share. Both figures slid past Wall Street's estimates, which had called for revenue of $81 million and a loss of $0.21 per share. Net new product orders rose by 32% with backlog increasing by 7% to $317 million. Looking ahead, Accuray anticipates delivering revenue in fiscal 2014 of $325 million to $345 million as compared to the current consensus estimate of $349.9 million.

Now what: Today's move is a little bit confusing -- despite the quarterly beat -- given that Accuray's fiscal 2014 revenue forecast came in below expectations. In addition, Accuray also announced that it's seeking a new manufacturing strategy for the InCise multileaf collimator option on the CyberKnife M6 System, which signals to me that there's a possibility of product delays over the very near term. While I really like Accuray's technology, I still can't overlook a long history of losses. For now I'd suggest adding Accuray to your watchlist, but would stick to the sidelines until this company gets a lot closer to profitability.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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